Streetwise

The Pause Before the Storm?

Hey trader, after you. No, after you.

YES, IT'S SLOW, INDISPUTABLY SLOW IN THE MARKET as summer arrives. But does the slowness itself tell us anything useful?

Trading volume, news flow and measured and implied stock volatility have declined sharply, as the indexes have hovered within what used to be a half-hour's distance from their yearly highs. This condition is being cited alternately to indict or exonerate the rally's staying power. Light volume is a traditional...